If LTC removes this barrier, it could rebound.

Litecoin price is recovering higher in the $75.00 area against the US dollar. If LTC breaks out of the $84.00 resistance area, it may continue to rise.

• Litecoin is showing positive signs at the $75 support zone against the US dollar.
• The price is currently trading below $85 and the 100 simple moving average (4-hours).
• On the 4-hours chart of the LTC/USD pair (data feed from Kraken), there is a major bearish trend line forming at resistance $83.00.
• A break out of the $83-$84 resistance area could allow the price to gain bullish momentum.

Litecoin Price Aims Higher

After a steady decline, Litecoin found support near the $75.00 resistance area, the same as Bitcoin and Ethereum. LTC price began a recovery above the $78.00 and $80.00 resistance levels.

The 50% Fib retracement level of the downward move from the $88.49 swing high to the $74.59 low has also been removed. Bulls even pushed the price above $82.00, but bears remained active near the 100 simple moving average (4-hours).

There is also a major bearish trendline forming resistance at $83.00 on the 4-hours chart of the LTC/USD pair. Litecoin is currently trading below $85 and the 100 simple moving average (4-hours).

On the upside, immediate resistance is near the $83.00 area or the 61.8% Fib retracement level of the downside move from the $88.49 swing high to the $74.59 low. The next major resistance is near the $84 level. If there is a clear break above the $84 resistance, the price could begin a strong rise once again.

Source: TradingView.com LTCUSD

As stated, the price is likely to continue higher towards the $88.50 and $90.00 levels. If more gains occur, the price of LTC may head towards the $95.00 resistance area.

Are dips supported in LTC?

There could be a downward correction if Litecoin price fails to clear the $84 resistance level. Initial support for the downside is near the $80.00 level.

The next major support is forming near the $77.80 level, below which there is a risk of a move towards the $75.00 support. Additional losses could lead the price towards the $70.00 support level.

Technical indicators:

4-Hour MACD – MACD is now pacing in bullish territory.

4-Hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 65 level.

Key support levels – $80.00 followed by $77.80.

Key resistance levels – $83.00 and $84.00.